ASX 200 jumped 128 points (1.7%) to 7900 as good US CPI and better-than-expected jobs data created a tsunami of buying in large caps. Big banks closed higher, CBA was up 1.9% to fresh highs, and the Big Bank Basket was up to $211.81 (+2.0%). NAB the standout up 2.4%. MQG also doing well up 2.9% with insurers and financials rallying hard. QBE up 1.0% and SUN up 0.8% with MPL under another hacking cloud down 0.5%, but it seems it was not them this time. REITS screamed higher on lower rates and possible rate cuts. 4.1% the headline number on the unemployed is good news for Bullock, just not such good news for the unemployed. GMG up 4.1% with SGP up 1.7% and SCG rallying another 2.8%. Industrials firm across the board. WOW up 1.7% and COL up 1.5%. TCL rose 1.6% and SVW had a good day up 3.2% with BLD rising in its wake. Tech stocks on a tear with WTC up 4.4% and XRO up 4.8% as the All-Tech Index rose %. Resources were also in demand. The ‘three amigos’ all doing well, BHP up 1.0% and FMG up 2.2% with lithium plays shrugging off some early losses, PLS up 0.8% and MIN up 1.6%. Gold miners were in demand with big rallies in EVN up 2.6% and BGL up 2.2%. Oil and gas stuck in the slow lane. In corporate news, ACCC has intervened in the bidding war for NAM, ALL jumped 12.3% on better-than-expected results. And IPL better by 5.3% on its results. On the economic front, revisions for March and a worse (better) than expected 4.1% in April on the unemployment number saw all bets on a rate hike erased. Asian markets better with Japan up 1% HK up 1.2% and China up 0.8%. Dow Futures up 42 Nasdaq up 30.

HIGHLIGHTS

• Winners: ALL, CHN, VUL, CHC, RSG, OBM, NWL  
• Losers:  LRS, ASG, FCL, JMS, LTM, WC8, IEL
• Positive sectors: Everything.
• Negative sectors: Oil and gas.
• ASX 200 Hi 7900 Lo 7777
• Big Bank Basket: Rallies hard to $211.81 (2.0%).
• All-Tech Index:  Jumps 1.9%
• Gold: Better at $3580
• Bitcoin: Rallies hard to US$65834
• 10-year yields drop to 4.18% on jobs data.
• AUD: Steady at 66.42 c.
• Asian markets better, Japan up 1% HK up 1.2% and China up 0.8%
• Dow futures up 42 NASDAQ Futures up 30.
• European markets opening slightly higher.

MAJOR MOVERS

• ALL +12.3% jackpot result.
• OBM +6.6% gold exposure.
• VUL +7.0% keeps pushing higher.
• CHN +8.8% The brew that is true continues.
• IPL +5.3% write down update.
• GMG +4.1% leading REITs.
• RSG +6.6% gold exposure.
• WTC +4.4% tech play.
• ONE +15.8% budget winner?
• PMT +9.4% Albermarle MOU news.
• AIS +6.9% copper exposure.
• LRS -8.0% LTR +1.8% lithium drops.
• IEL -4.4% profit taking. Shorts back.
• OML -2.4% AGM results.
• ASG -6.2% ex dividend.
• PYC -7.6% Clinical trial dosing complete in Cohort 4
• RNU -7.7% unwinds big run yesterday.
• BCB -6.9% profit taking.
• PTL +2.6%Capital return.
• Speculative Stock of the Day: Not much really. EMS +38.9% No new news but finding some buyers.

COMPANIES

ECONOMIC AND OTHER HEADLINES

The seasonally adjusted unemployment rate rose by 0.2%to 4.1 per cent in April, up from a revised 3.9% in March. Worse than expectations. RBA will be happy.

In trend terms, in April 2024:

• The US Bureau of Labor Statistics inadvertently published Consumer Price Index data 30 minutes early on Wednesday.Michael Burry’s investment firm doubled down on its bets on JD.com Inc and Alibaba Group Holding Ltd. in the first quarter.
• Putin arrives in China to shore up close ties with Xi.
• Bridgewater founder Dalio warns of danger of US debt on Treasury market.
• Futures exchange CME plans to launch bitcoin trading.
• Microsoft’s emissions jump almost 30% as it races to meet AI demand.
• Biden and Trump set for debates in June and September. That should be good.
• European stocks expected to open slightly higher. Earnings are due from Swiss Re, Zurich Insurance, Siemens, Deutsche Telekom, BT and EasyJet, among others.

And finally….

Eric and his new girlfriend Erica had been together for 3 months. They had a good chat and decided it was time to get engaged. They also decided that there was to be no secrets between them and all skeletons would be brought out of the closet.

Eric started and admitted that when he was younger he had been in prison for 5 years for embezzlement of funds from the office where he had worked.

That’s OK said Erica, it was in the past and we are now in the present.

Next it was Erica’s turn,

She said that she was a little embarrassed about her past but in her younger years she said she used to be a hooker.

Eric said, that’s OK sweetheart, like you said, that was in the past and we are now in the present.

Erica said, ” You don’t understand, I used to be a hooker, I played for Bradford Northern.”

Clarence

XXXX